US food maker J. M. Smucker has announced that it has entered into a definitive agreement with Columbus, Ohio-based Value Creation Partners to sell its US foodservice and bakery products businesses.
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The deal also includes its Canadian locations operated under the Gourmet Baker name, which together with the foodservice and bakery products units, were acquired as part of the company’s acquisition of International Multifoods. The deal, which is valued at around US$43m, will not have an impact on Smucker’s remaining foodservice businesses in the US and Canada, the company said.
The Multifoods foodservice and bakery products businesses consist of the manufacturing, marketing and distribution of baking mixes, frozen baked goods including muffins, cakes, doughs and frostings to restaurants, retail and wholesale bakers, and other commercial customers in the US and Canada.
The company said the Multifoods foodservice and bakery products businesses acquired were not aligned with its existing foodservice strategy and the decision was made in July 2004 to divest this business segment.
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